Year: 2025

As anticipated, a Consumer Financial Services Bureau (CFPB) withdrawal may not be a “final” as it seems! In early May, the CFPB withdrew a slew of guidance, interpretive rules, policy statements and advisory opinions, and backed away from a variety of litigation matters. See 90 Fed. Reg. 20084 (May 12, 2025), various court filings and our Alert of May 16, 2025. But it just reinstated…
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The U.S. House of Representatives successfully passed three “crypto”-related measures this week: the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, the Digital Asset Clarity (CLARITY) Act and the Anti-CBDC Surveillance State Act. See our ALERT of July 11, 2025. The GENIUS Act goes to the President for signature in a scheduled Friday afternoon ceremony. The other two measures will proceed to the U.S. Senate for consideration. Together, these measures would usher in a significant measure of much needed certainty that can provide a launching pad for the digital economy in the realm of finance…
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The U.S. House Committee on Financial Services has declared the week of July 14th as “Crypto Week”, when the House will consider the “GENIUS” Act, the “CLARITY” Act and the Anti-CBDC Surveillance State Act. These measures will usher in a significant measure of much needed certainty that can provide a launching pad for the digital economy to challenge, parallel and potentially enhance the traditional financial services industry in the U.S. and the world economy at large…
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The California requirement that all contracts creating a medical debt contain certain statutory language went into effect on July 1, 2025. See our ALERTS of May 30, 2025 and Nov. 21, 2024. Part of S.B. 1061, which amended and expanded the state law to incorporate new restrictions on consumer medical debt reporting, the statute requires that contracts creating a medical debt on or after July…
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Fair Isaac Corp. (“FICO”) announced this week that it will begin including buy now, pay later (“BNPL”) data in consumer credit scores, as more Americans continue to turn to the non-traditional credit product to purchase goods and services. This announcement is the latest move in efforts to incorporate BNPL into the existing American credit ecosystem. According to FICO, credit scores incorporating BNPL data are expected to be available in this fall…
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The Illinois state legislature has voted to postpone by one year the implementation of the Interchange Fee Prohibition Act (IFPA), a law to exempt taxes and tips from credit and debit card interchange fees. 2025 IL HB 742. The IFPA is slated to take effect on July 1, 2025. The bill awaits action by the governor….
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The Illinois state legislature has voted to postpone by one year the implementation of the Interchange Fee Prohibition Act (IFPA), a law to exempt taxes and tips from credit and debit card interchange fees. 2025 IL HB 742. The IFPA is slated to take effect on July 1, 2025. The bill awaits action by the governor… Read More

The United States Court of Appeals for the Fourth Circuit affirmed the lower court decision finding an arbitration clause in a consumer credit agreement not enforceable. Ford v. Genesis Financial Solutions, Inc., Case No. 24-1341 (4th Cir., May 30, 2025)… Read More

Recently Ohio joined the list of states attempting to curb the effect of medical debt through legislation. Ohio H.B. No. 257, introduced in the Ohio General Assembly, limits the rate of interest on medical debt in Ohio and prohibits reporting medical debt to a consumer reporting agency… Read More

Wow! So the Consumer Financial Services Bureau (CFPB) has just withdrawn a slew of guidance, interpretive rules, policy statements and advisory opinions, and backed away from a variety of litigation matters… Read More